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Filing for bankruptcy can be an effective way to get back on your feet when you are facing insurmountable debts. The process allows you to discharge certain debts and get creditors off your back. That said, filing is complicated and if you go about it incorrectly, your application could be rejected—or worse, you could face charges of fraud. Here’s how a bankruptcy lawyer can help.

3 Advantages of Bankruptcy Lawyers

1. Get Advice on Your Options

There are different types of bankruptcy, each with their own criteria and procedures. For instance, a chapter 7 filing focuses on liquidation—meaning certain assets may be sold off to pay back creditors before your remaining debts are discharged—while chapter 13 focuses on restructuring debts instead. Based on your income, the types of debt you have and your financial history, a bankruptcy lawyer can advise which option is best for you. They may even recommend going in another direction, such as first attempting debt settlement.

2. Ensure Correct & Timely Filing

attorneyA bankruptcy petition may be dismissed or denied based on various innocent mistakes. This delays the outcome and means you spend more time stressing about your financial future. A bankruptcy lawyer will make sure the correct paperwork and supporting documents are supplied, ensure meetings with creditors are met, and follow up on your case as needed. They will also guide you away from mistakes that could be interpreted as fraudulent, such as making large credit purchases directly before filing.

3. Provide Support & Guidance

Filing for bankruptcy can be nerve-wracking since you don’t know what to expect. An attorney in the field will provide guidance regarding the likely outcomes of your case and can help you prepare for what may lie ahead. By taking on the burden of paperwork and negotiations, they can also save you emotional stress. This lets you focus on rebuilding for a brighter future.

 

For assistance with bankruptcy issues in the North Little Rock, AR, area, look to Pray Law Firm PA. Their bankruptcy lawyers are experienced and versatile and will provide you with the personalized attention you deserve. Find out more about their practice areas, including wage garnishment and home foreclosure, on their website. To request a consultation, call (501) 771-7733.

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